New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-24
MONEY AND BUSINESS.


The controlling fact in business is the con-
tnlicd migration of European capital to this
country immigration Of thrifty and indus
trious inhabitants has made the country what
it is, but that is an old story, and people have
come to consider It Il constant. certain and
perennial source Of prosperity. But mmigra-
ton Of foreign capital has not been rcclOncd
a force upon which the country could rely.
Within the past two years this movement has
been so large that its influence ovcrShadows
other changes in the markets. For instance
the tide in the movement Of gold changed
about January /, 1885. but while declared
imports and exports Of merchandise were
nearly balanced. the $4,000, 600 specie sent
abroad in half Il year covered only about two
thirds Of the sum which must in that time
have been due for undcrvaIuationS of imports,
interest and freight money and other unre-
corded items. But in the third quarter Of
1886 declared imports exceeded exports by
$iS.25O,OOO, specie and merchandise both
coming this way, and adding other items it
appears that about 500 100000 Of foreign
capital must have come hithcr. In the last
quarter Of $50 and the first of 1887, the items
nearly balanced each other again. But during
the past seven months the movement this way
has been larger than ever.
Declared imports exceeded exports in Sep
tcmbcr by S72S OO7, and during the sin months
ending with September, by SG2. 063,9O2. In
the same time S2O.659.7s1 net gold inn
ported, while net exports Of silver were only
Si,SG5.93O Thus the excess Of visible inn
ports for the half year was SIS, 151,7j9 and
uddtp,, thc uSunI allowuucp for tudcrValu1-
tions, etc, the movement OF foreign capital
this way seems to have been no less than
Sl39.OOO.O 900. Part of this large sum pays
for stock hcId on speculation or securities Of
new roads, which may at any time be sold.
a large part, hOW much no one can say, repre-
scnts foreign capital invested in lands cattle
companies manufacturing and mining COM
panics mortgage loans on real estate, or bulid-
ingS in cities and towns. This powerful rem
forccmcnt Of capital has been Of singular I'M
pOrtancc, and the withdrawal Of part OF 1t. or
even a cessation in the westward mi grafton,
would be IA change Of controlling influence.
Thus far gold continues 10 come this way,
81 900 900 at Newly orIi alone since Sop
tcmbcr. though the merchandise movement
with allowance for AUTHORIZATIONS, ETC., would
to know that, while the current has been
greatly diminished in volume since October
began. 1t has not yet ceased.
Including bullion, the Treasury holds more
cash than 1t held Il week ago by -, 100000.
But tho imports of bullion for which the Assay
ONCE has paid were nearly S3.OOOOOO, so that
the circulation probably increased a little.
Saturdays arrivals about 81 1850. 100 more,
are not here included. The bank statement
shows a rise Of - 100000 in reserve, not
outstanding considerable shipments to the in
terror which appear larger and moro pro-
ongcd this year than was expected. Through
bank deposits the Treasury has put into CIR
culation "A little more money than IT has coli
lcctcd but there j. still complaint Of tight
money at some interior cities
All account, Of trade from other cities are
hvolablr a, respects ITS volume, but com
plalnt, Of slow or unsatisfactory collections
have even increased since the Treasury began
to add to circulation. This is in part due to
disappointment attending real estate and min
inn speculation in some quarters. In the lake
region. where large number Of mines have
been attached for debt the past week by unpaid
miners some embarrassment to other parties
must result Where the speculative fever has
causcd sales Of wild land as city lots at high
prices and mott cages given year ago begin
to fail due. inconvenience To some IL natural.
Rut the fact that Government has disposed
Of II 100 900 acres of public land during the
last fiscal year against 10 100000 during the
nrcvious wear. shows that there have been in
prorrcSs remarkable growth and actual settle
mcnt as well as speculative excitement.
Railroad earnings for the second week of
October show Il gain of 81 per cent over
last wear on fty-iiyc roads and returns Tor
scvcntv..iy roads for the first week show a
c,in Of II per cent 70 this evidence OF
activity the comparison Of exchanges may be
added showing an increase Of per cent ont
side Ncw-Iork for the FIRST week OF October
Of s IL per cent for the second week ana
about / II per cent last week. Prices nave
generally improved. wheat 81 cents, corn
| cent oats and crushed sugar quarter each
cation an eighth, and raw sugar u sixteenth
Tin | II cents, and oil 81 cents. On inc
other hand pork has declined % cents per
barrel lard 10 and hogs 80 cents per lOO
rounds. lead 3 cents, and cheese quarter.
Prices of stocks were strong until Friday, ana
dull rothor than weak toward the close which
r,os go OB per share above the level OF the
preyious week Increased activity in spccu-
lation in products is not the best Of signs, but
il naturally follows large additions of avail
able capital and an expansion Of the currency.
THE C4R-U TNDOW ONCE MORE.